G7 leaders end summit, vow to hurt Russia economically
Group of Seven leaders wrapped up the summit in Kruen on June 28 with intentions to send a strong signal of long-term commitment to Ukraine's future, ensuring that Russia pays a higher price for its invasion.
Group of Seven leaders gathered in Kruen on June 28 as the summit wraps up with intentions to send a strong signal of long-term commitment to Ukraine's future, ensuring that Russia pays a higher price for its invasion. The final statement underlined their intent to impose “severe and immediate economic costs” on Russia. It left out key details on how the fossil fuel price caps would work in practice, setting up more discussion in the weeks ahead to “explore” measures to bar imports of Russian oil above a certain level. That would hit a key Russian source of income and, in theory, help relieve the energy price spikes and inflation afflicting the global economy as a result of the war. (Image: AP)
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UK Prime Minister Boris Johnson, US President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron and Italian Prime Minister Mario Draghi gathered on the morning of the last day of the conference in the Bavarian Alps. (Image: AP)
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All of the leaders who met on June 28, plus the Canadian and Japanese Prime Ministers, have pledged to support Ukraine after conferring by video link with Ukrainian President Volodymyr Zelenskyy. (Image: AP)
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Members of the Group of Seven major economies pledged on June 28 to create a new "climate club" for nations that want to take more ambitious action to tackle global warming. Leaders were also attempting to alleviate a global hunger crisis and show unity against climate change. (Image: AP)
The move, championed by G-7 summit host German Chancellor Olaf Scholz, will see countries that join the club agree on tougher measures to reduce greenhouse gas emissions with the aim of keeping global temperatures from rising more than 1.5 Celsius (2.7 Fahrenheit) this century compared to pre-industrial times. Speaking at the end of the three-day summit, Scholz said the aim was to “ensure that protecting the climate is a competitive advantage, not a disadvantage.” (Image: AP)
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Following the summit's conclusion, they will continue straight to Madrid for a summit of NATO leaders — where fallout from Russia's invasion of Ukraine will again dominate the agenda. All G-7 members other than Japan are NATO members, and Japanese Prime Minister Fumio Kishida has been invited to Madrid. (Image: AFP) (With inputs from AP)
![Members of the Group of seven major economies pledged on June 28 to create a new "climate club" for nations that want to take more ambitious action to tackle global warming. Leaders were also attempting to alleviate a global hunger crisis and show unity against climate change. (Image: AP)](https://images.moneycontrol.com/static-mcnews/2022/06/4-G7-summit-concludes.jpg "Members of the Group of seven major economies pledged on June 28 to create a new "climate club" for nations that want to take more ambitious action to tackle global warming. Leaders were also attempting to alleviate a global hunger crisis and show unity against climate change. (Image: AP)")
